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Magna Announces 2020 Annual Meeting Results

AURORA, Ontario, May 07, 2020 (GLOBE NEWSWIRE) -- Magna International Inc. (TSX: MG; NYSE: MGA) today announced voting results from its 2020 annual meeting of shareholders held on May 7, 2020. A total of 232,304,632 Common Shares or 77.71% of our issued and outstanding Common Shares were represented in person or by proxy at the meeting. Shareholders voted in favour of each item of business, as follows:

a. Election of Directors

Nominee

Votes FOR

Nominee

Votes FOR

Scott B. Bonham

98.59

%

Cynthia A. Niekamp

99.77

%

Peter G. Bowie

99.92

%

William A. Ruh

99.91

%

Mary S. Chan

99.81

%

Dr. Indira V. Samarasekera

98.51

%

Hon. V. Peter Harder

99.33

%

Donald J. Walker

99.92

%

Dr. Kurt J. Lauk

99.90

%

Lisa S. Westlake

99.15

%

Robert F. MacLellan

99.89

%

William L. Young

97.59

%


b. Other Items of Business

Item

Votes FOR

Reappointment of Deloitte

99.83

%

Say on Pay

85.63

%

Based on the voting results, each of the 12 nominees was elected with a substantial majority. Similarly, Deloitte was reappointed as Magna’s independent auditors and the Say on Pay resolution was approved, in each case by a substantial majority. Detailed voting results are included as Appendix “A” to this press release.

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INVESTOR CONTACT
Louis Tonelli, Vice-President, Investor Relations
louis.tonelli@magna.com │ 905.726.7035

MEDIA CONTACT
Tracy Fuerst, Vice President, Corporate Communications & PR
tracy.fuerst@magna.com │ 248.631.5396

OUR BUSINESS (1)
We are a mobility technology company. We have over 159,000 entrepreneurial-minded employees, 347 manufacturing operations and 94 product development, engineering and sales centres in 27 countries. We have complete vehicle engineering and contract manufacturing expertise, as well as product capabilities that include body, chassis, exteriors, seating, powertrain, active driver assistance, electronics, mechatronics, mirrors, lighting and roof systems. Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit www.magna.com.

_______________________
(1) Manufacturing operations, product development, engineering and sales centres and employee figures include certain equity-accounted operations.


Appendix “A”

VOTING RESULTS - 2020 ANNUAL MEETING OF SHAREHOLDERS

Resolution

Votes For

Votes Withheld/Against

#

%

#

%

Elect Scott B. Bonham as Director

222,562,426

98.59

3,183,326

1.41

Elect Peter G. Bowie as Director

225,556,317

99.92

189,435

0.08

Elect Mary S. Chan as Director

225,326,617

99.81

419,135

0.19

Elect Hon. V. Peter Harder as Director

224,244,086

99.33

1,501,666

0.67

Elect Dr. Kurt J. Lauk as Director

225,508,920

99.90

236,832

0.10

Elect Robert F. MacLellan as Director

225,498,335

99.89

247,417

0.11

Elect Cynthia A. Niekamp as Director

225,221,854

99.77

523,898

0.23

Elect William A. Ruh as Director

225,539,171

99.91

206,581

0.09

Elect Dr. Indira V. Samarasekera as Director

222,376,774

98.51

3,368,978

1.49

Elect Donald J. Walker as Director

225,569,852

99.92

175,900

0.08

Elect Lisa S. Westlake as Director

223,837,310

99.15

1,908,442

0.85

Elect William L. Young as Director

220,298,753

97.59

5,446,999

2.41

Re-Appointment of Deloitte LLP as Auditors

231,915,970

99.83

388,662

0.17

Advisory Resolution on Executive Compensation

193,297,024

85.63

32,448,728

14.37